Latest news with #AbdulSalamK.P.
Daily Tribune
21-07-2025
- Business
- Daily Tribune
Bahrain gets exclusive Arabic Jewellery brand as Malabar expands retail concept
TDT | Manama Bahrain has been chosen as one of only two Gulf countries to host two showrooms of a new jewellery brand dedicated exclusively to Arabic designs, following a regional rollout by Malabar Gold & Diamonds. The new concept, branded 'Mojawhraty by Malabar', was launched across six locations in the GCC, with outlets in Bahrain, the UAE, Saudi Arabia and Oman. Bahrain now hosts two branches, at Bahrain City Centre and Bab Al Bahrain, making it a key destination in Malabar's regional strategy to serve Arab consumers. Cultural identity The initiative marks a significant shift in the retail giant's strategy, as it moves beyond general collections to offer a niche brand focused entirely on Arabic jewellery traditions. The designs available under the Mojawhraty brand are crafted in 18K, 21K, and 22K gold, and also feature certified natural diamonds. Malabar Group Chairman M.P. Ahammad said the concept was part of the company's larger goal of becoming the top global jewellery retailer. 'Expanding our design portfolio across diverse cultural and value chains is a key focus. With six showrooms across the GCC and more on the horizon, we are confident that Mojawhraty by Malabar will be welcomed with open arms by jewellery lovers in the region,' he said. Arab appeal According to Malabar officials, the new format aims to reflect the preferences of modern Arab consumers while staying rooted in heritage. 'The rich legacy of Arabic jewellery and its profound cultural relevance has long inspired us,' said Abdul Salam K.P., Vice Chairman of Malabar Group. 'With Mojawhraty, we have created a distinct platform that will offer customers an immersive and personalised retail experience focused exclusively on Arabic design traditions.' Each piece is backed by the 'Mojawhraty Promise', which includes benefits such as guaranteed buyback, lifetime maintenance, 100 percent value on diamond exchange, and exclusive use of certified stones. Further growth The brand plans further expansion across the region, with company officials confirming that the GCC debut is only the beginning of what they described as an 'ambitious growth roadmap.' The launch of Mojawhraty follows Malabar's ongoing efforts to strengthen its international retail footprint. The group currently operates more than 400 showrooms across 13 countries, with annual revenues exceeding $7 billion.
Gulf News
30-04-2025
- Business
- Gulf News
Dubai gold price is steady - and that's perfect for shoppers on 'Akshaya Trithiya'
Dubai: The Dubai Gold Rate is unchanged for a second consecutive day at Dh369 for a gram of 22K and sets up what will be one of the busiest sales day for gold shopping in the UAE in 2025. This is also the lowest gold rate since April 23, when it was Dh368. So, the stage is set for the Indian festival of 'Akshaya Trithiya', where gold buying is one of the traditions that need to be done. And a lot of expat Indians in the UAE have already done their part. 'Yes, there had been some fairly heavy pre-bookings from the moment Dubai gold rate dropped below Dh370 a gram,' said Abdul Salam K.P., Vice-Chairman of Malabar Gold & Diamonds, which is offering 150mg gold coins for each purchase of Dh3,000. 'What we are seeing is that because of the higher gold prices, most of the buying has shifted to lighter weight gold pieces, typically between 10-15 grams. But the most important thing is they are still buying despite the prices. 'The more budget-conscious shoppers are directly going for gold coins and bars, where the making charges are minimal." The feedback from gold retailers is that by close of business today, they will have had more shoppers in the stores, but the actual volume of gold sold might still be lower. But retailers will take it any which way it turns out. 'Huge relief' As for shoppers, the sentiment is one of relief. A good number of Indian expats buy for 'Akshaya Trithiya' because that's the done thing to do. "We would have bought whatever the price, but there's relief because today, we will need to pay only at Dh369 a gram rather than the Dh380 plus of April 21," said a shopper who is all set to head out to a store as soon as it opens.
Gulf Insider
17-04-2025
- Business
- Gulf Insider
Dubai Gold Price Creates History As Key Level Is Broken
Gold prices are on fire – for a second consecutive day, with the Dubai Gold Rate for a gram of 22K up by Dh14 in just over a day. A gram costs Dh372.5 right now. Nothing like this has ever been seen before, with the price of a gram of 24K clearing Dh400 for the first time. A level that market sources at the start of the year said would take at least until September/October to happen. These days, gold is creating and resetting records by setting its own rules. The numbers tell the story – 'The price difference between the lowest Dubai gold price in the year to date and today's price is a near Dh150 a gram,' said Abdul Salam K.P., Vice-Chairman of Malabar Gold & Diamonds. This year's lowest local rate was the Dh223.25 a gram for 22K on February 14. In Saudi Arabia, the 22K and 24K gram prices are SR378 and SR409, respectively. In the global commodities market, bullion continues on its merry way, at one point earlier today shooting past $3,350 an ounce mark. Right now, it's at $3,337 – but the key point here is that it's still a good $115 up from 24 hours ago. 'Yesterday, when the gold stores were opening, we were wondering whether gold would be closing the day at $3,280,' said a jeweller. 'Who would have thought we could well be looking at reaching $3,380 within the next few days. Even today!' Global central banks and institutional investors keep buying gold amidst all the uncertainty in markets over US reciprocal tariffs – whether there will be a solution after the 90-day pass offered by President Trump to all nations except China. These days, bullion traders in Dubai are not even bothering to give price forecasts or when it could stabilize. Because it could change within an hour. It's been that kind of 48 hours… The only thing shoppers can wait for is for profit booking to take place when gold hits a certain point. But when will that point be reached?
Daily Tribune
17-04-2025
- Business
- Daily Tribune
Dubai Gold Price Hits Historic High as 24K Breaks Dh400 Mark for the First Time
Email : Gold prices in Dubai are rewriting history once again, with the price of 24K gold surpassing the Dh400 per gram mark for the first time ever, fueling a market frenzy and sending both consumers and traders into uncharted territory. As of Thursday morning, the Dubai Gold Rate for 22K stands at Dh372.5 per gram — a staggering Dh14 jump in just over a day. The once-unthinkable Dh400 level for 24K gold has now become reality, months ahead of what experts had predicted earlier this year. 'The price gap between the year's lowest and today's rate is nearly Dh150 a gram,' noted Abdul Salam K.P., Vice-Chairman of Malabar Gold & Diamonds. On February 14, the 22K rate was at Dh223.25 — today, it's over Dh372.5. The bullish trend isn't limited to the UAE. In Saudi Arabia, the 22K and 24K gold rates are at SR378 and SR409 respectively, reflecting the region-wide surge in demand and prices. 📈 Global Bullion Surge Globally, gold continues its meteoric rise. Bullion briefly breached the $3,350 per ounce mark today, and is currently trading around $3,337 — an eye-popping $115 increase in just 24 hours. 'Just yesterday we were wondering if it would close at $3,280,' said a Dubai-based jeweller. 'Now, $3,380 isn't just possible — it could happen today.' 💰 What's Driving the Surge? The rally is being driven by heavy buying from global central banks and institutional investors amidst persistent uncertainty over U.S. reciprocal tariffs. President Trump's recent 90-day extension — exempting all nations except China — has only deepened market speculation. Amid this volatility, traders in Dubai are holding back from issuing forecasts. 'We've stopped predicting. Prices are swinging by the hour,' one bullion trader said. ⏳ What's Next? With prices reaching new highs almost daily, the big question now is: when will profit-booking begin? Shoppers and investors are watching closely for signs of stabilization, but no one knows where the peak lies.
Gulf News
17-04-2025
- Business
- Gulf News
Dubai gold price is on fire again; gram of 24K clears Dh400 for first time
Dubai: Gold prices are on fire – for a second consecutive day, with the Dubai Gold Rate for a gram of 22K up by Dh14 in just over a day. A gram costs Dh372.5 right now. Nothing like this has ever been seen before, with the price of a gram of 24K clearing Dh400 for the first time. A level that market sources at the start of the year said would take at least until September/October to happen. UAE gold rates These days, gold is creating and resetting records by setting its own rules. The numbers tell the story – 'The price difference between the lowest Dubai gold price in the year to date and today's price is a near Dh150 a gram,' said Abdul Salam K.P., Vice-Chairman of Malabar Gold & Diamonds. This year's lowest local rate was the Dh223.25 a gram for 22K on February 14. In Saudi Arabia, the 22K and 24K gram prices are SR378 and SR409, respectively. Bullion prices In the global commodities market, bullion continues on its merry way, at one point earlier today shooting past $3,350 an ounce mark. Right now, it's at $3,337 - but the key point here is that it's still a good $115 up from 24 hours ago. "Yesterday, when the gold stores were opening, we were wondering whether gold would be closing the day at $3,280," said a jeweller. "Who would have thought we could well be looking at reaching $3,380 within the next few days. Even today!" No clarity until tariff issue goes away? Global central banks and institutional investors keep buying gold amidst all the uncertainty in markets over US reciprocal tariffs - whether there will be a solution after the 90-day pass offered by President Trump to all nations except China. These days, bullion traders in Dubai are not even bothering to give price forecasts or when it could stabilize. Because it could change within an hour.
